Polish Retail Property Investment After Nine Months Nearly Doubles Full-Year 2025 Total

Ten retail property transactions worth approximately EUR 485 million closed in Poland in the third quarter of 2026, according to Cushman & Wakefield Poland. The total was substantially above the quarterly average of recent years. Investment after nine months was already almost twice the figure for the whole of 2025.

Retail accounts for 28% of investment volume

Retail represented 28% of Polish commercial property investment volume in the third quarter, ranking behind logistics at 32% and offices at 31%. Buyers focused primarily on retail parks and property portfolios.

Total transaction volume across all sectors after three quarters had already exceeded the full-year 2025 result. Retail investment was nearly twice last year’s total, giving 2026 a chance to finish with one of the strongest investment results in years.

Portfolio deals drive activity

One of the quarter’s most significant retail transactions was the purchase of the Dekada portfolio, comprising 11 retail parks and shopping centres in regional cities. Appeninn Asset Management Holding and Indotek Group acquired the properties, valued at approximately EUR 105 million, with advisory support from Cushman & Wakefield.

The period also saw completion of a transaction involving a portfolio of 125 Intermarché and Bricomarché properties, with the participation of Grupa Muszkieterów and Ares Management.

Prime capitalisation rates currently stand at 6.00% for shopping centres, 6.65% for retail warehouses and 6.95% for retail parks.

Interest extends across retail formats

“Poland’s retail property investment market is in its strongest condition in years. Crucially, investor activity is not confined to a single format: demand extends to leading, dominant shopping centres as well as properties in smaller towns and retail parks.

“Large property portfolios are finding buyers, with the acquisition of the Dekada portfolio for more than EUR 100 million a good example. At the same time, we are seeing very strong activity in smaller transactions, confirming that investor interest now covers virtually the entire retail property market.

“All indications suggest that this positive momentum will continue in the coming months, with the first half of 2027 shaping up to be particularly busy for transaction activity,” said Paweł Partyka, Head of Capital Markets Poland at Cushman & Wakefield.

Source: Cushman & Wakefield Poland. Original Polish article, November 2, 2026. English editorial translation.